"Cardin, Van Hollen Urge Hogan to Enlist Federal Resources for Maryland Small Business Coronavirus Response"
Summary
A press release dated March 9, 2020 on a letter from Senate Committee on Small Business & Entrepreneurship Ranking Member Ben Cardin and Senator Chris Van Hollen (both D-Md.) to Maryland Governor Larry Hogan. The letter follows passage of the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020, which it says provides $8.3 billion to respond to the novel coronavirus (COVID-19) outbreak. It states the act makes the coronavirus an eligible disaster type under the Small Business Act, so businesses in an area covered by an SBA-approved disaster declaration can qualify for Economic Injury Disaster Loans. The senators urge Hogan to reach out to the SBA to seek help for Maryland small businesses and to monitor the crisis’s effect on them. The release states five Maryland residents had tested positive and the governor had declared a state of emergency.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Full text
Title: Cardin, Van Hollen Urge Hogan to Enlist Federal Resources to Help Maryland Small Businesses with Coronavirus Preparedness & Response Date: 2020-03-09 Cardin, Van Hollen Urge Hogan to Enlist Federal Resources to Help Maryland Small Businesses with Coronavirus Preparedness & Response March 9, 2020 (Washington, DC)—Following final passage of the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020, U.S. Senate Committee on Small Business & Entrepreneurship Ranking Member Ben Cardin and Senator Chris Van Hollen (both D-Md.), a member of the Senate Appropriations Committee, today sent a letter to Maryland Governor Larry Hogan urging him to make use of the federal resources available for coronavirus preparedness and response related to public health, as well as affected small businesses. The senators’ letter follows recent announcements that five Maryland residents have tested positive for the virus, as well as the governor’s declaration of a state of emergency. “Unlike large corporations that have the capital reserves necessary to overcome an extended disruption, small firms operate on narrow margins and may not be able to survive a temporary decline in revenue,” the senators wrote. “A restaurant experiencing a sudden loss of foot traffic or a manufacturer that can no longer access its suppliers abroad cannot simply wait and hope for the best. To remain up-to-date with creditors and continue to keep employees on their payrolls, small businesses will need access to affordable capital.” In addition to much needed funding for the National Institutes of Health and the Centers for Disease Control and Prevention, the supplemental funding package includes funding to help small businesses obtain low-interest disaster loans through the U.S. Small Business Administration (SBA). The bill also makes the coronavirus an eligible disaster type under the Small Business Act, which allows SBA to approve a request for disaster declaration from a governor’s office, so businesses in and around the region covered by the declaration can qualify for Economic Injury Disaster Loans; the loans, which offer lower interest rates than private loans, can be used to keep a business afloat when it is unable to obtain credit elsewhere. The senators continued, “We also encourage you to closely monitor the effect this crisis has on our small businesses, noting areas and sectors experiencing economic hardship and gauging the need for additional support from both the state and federal level.” Click here to download a PDF of the letter; the full text follows: Dear Governor Hogan: As you know, Congress recently passed and the President signed the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020, which provides $8.3 billion to respond to the novel coronavirus (COVID-19) outbreak. Congressional action has come none too soon for our state: with five cases now reported and several other individuals being tested, the threat to Maryland is no longer theoretical. In addition to much needed funding for the Maryland-based National Institutes of Health and the Centers for Disease Control and Prevention, the bill also includes additional funding to help small businesses obtain low-interest disaster loans through the Small Business Administration (SBA). Both of us—one the Ranking Member of the Senate Small Business Committee and the other a member of the Senate Appropriations Committee—were heartened to see that Congress stood behind the nation’s small businesses and provided resources to help them weather the economic downturn resulting from this serious public health emergency. Unlike large corporations that have the capital reserves necessary to overcome an extended disruption, small firms operate on narrow margins and may not be able to survive a temporary decline in revenue. A restaurant experiencing a sudden loss of foot traffic or a manufacturer that can no longer access its suppliers abroad cannot simply wait and hope for the best. To remain up-to-date with creditors and continue to keep employees on their payrolls, small businesses will need access to affordable capital. Fortunately, Congress included language in the emergency appropriation making the coronavirus an eligible disaster type under the Small Business Act. This means that when the SBA approves a request for a disaster declaration from a governor’s office, businesses in and around the area covered by the declaration can qualify for Economic Injury Disaster Loans. These loans can be used to keep businesses afloat when they are unable to obtain credit elsewhere. We are writing today to urge you to be proactive in reaching out to SBA and to use your authority to seek help for Maryland small businesses threatened by the coronavirus. As SBA issues guidance on the availability of loans to businesses affected by the coronavirus, we hope you will ensure that Maryland takes advantage of the resources Congress has provided as expeditiously as possible. We also encourage you to closely monitor the effect this crisis has on our state’s small businesses, noting areas and sectors experiencing economic hardship and gauging the need for additional support from both the state and federal levels. Please let us know if we can be of any assistance to you as you coordinate with our federal agencies to help Maryland respond to this outbreak. Thank you for your attention to this important issue. Sincerely, ### Permalink: https://www.sbc.senate.gov/public/index.cfm/2020/3/cardin-van-hollen-urge-hogan-to-enlist-federal-resources-to-help-maryland-small-businesses-with-coronavirus-preparedness-response
File and source
- File
- 2020-03-09_cardin-van-hollen-urge-hogan-to-enlist-federal-resources.txt
- Size
- 5,823 bytes
- SHA-256
- ebfb0aa7466a1c9e53fba554b95cf0e3c5f663a96f41d4718bad7d88bbbbf25a
- Original
- www.sbc.senate.gov